BOSTON – A West Roxbury man was sentenced today for violating an asset freeze and other court orders entered in a civil case brought by the Securities and Exchange Commission (SEC).

Steven Palladino, 57, was sentenced by U.S. District Court Judge Douglas P. Woodlock to two years in prison, which he will not begin serving until after he completes the ten to twelve-year sentence imposed by the Commonwealth of Massachusetts for his conviction in the state Ponzi scheme case. In May 2015, Palladino pleaded guilty to twenty-five counts of criminal contempt in U.S. District Court in Boston.

From May through November 2013, Palladino violated court orders which were imposed as a result of the SEC’s civil case when he incurred thousands of dollars in credit card charges and cash advances – including charges at high-end restaurants and department stores – and did not deposit the proceeds of cash advances into an escrow account established by the Court. In addition, Palladino violated the same court orders in June 2013 when he sold a truck he owned and did not deposit the proceeds into the escrow account. Furthermore, Palladino violated another court order by not undoing his transfers of luxury vehicles to his wife, and the subsequent encumbrance of those luxury vehicles with $137,000 in new loans, by November 2013.

United States Attorney Carmen M. Ortiz and Vincent B. Lisi, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. U.S. Attorney Ortiz also expressed appreciation for the significant assistance provided by the Securities and Exchange Commission. The case was prosecuted by Assistant U.S. Attorney Ryan M. DiSantis of Ortiz’s Public Corruption Unit.

Today’s announcement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force’s Securities and Commodities Fraud Working Group. The interagency FFETF was created to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.